Israeli fintech company Unit today announced the completion of a $51 million Series B financing round led by Accel and with the participation of existing investors Better Tomorrow Ventures, Aleph, Flourish Ventures, and TLV Partners.
Unit has developed a banking-as-a-service platform, which allows companies to swiftly launch new banking products.
With offices in Tel Aviv and New York, the company was founded in 2019 by CEO Itai Damti and CTO Doron Somech.
The company also announced the launch of Unit Go, a solution that allows companies to create live bank accounts and issue physical and virtual cards in minutes. Founders and developers now have the ability to sign up for a free account, build in Unit’s live environment, and instantly test their products using real funds. Unit Go is currently in beta and will be publicly available in the fall of 2021
Unit said, "We designed Unit to be the simple and robust platform to empower the next generation of fintech builders, and we’ve grown fast since launching out of stealth last year. Companies have been able to take advantage of our unique approach - a modern tech stack built on a native ledger, embedded compliance, and built-in bank relationships - to launch in as little as four weeks."
Over the past three months, Unit said deposit volume grow by over 300%, and customers by 600%.
Published by Globes, Israel business news - en.globes.co.il - on June 17, 2021
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